The five most important retail tech news stories of the week
It’s Friday, the week is nearly done, so let’s kick back and reflect on another eventful week for the retail technology space. Here's your briefing on some of the most important and interesting stories from the past five days.
1. Coronavirus drives huge increase in UK online retail sales
UK online retail sales growth was up 32.7% year-on-year in May, the highest annual result since March 2008, according to research by IMRG and Capgemini.
Home and garden, electricals, and beer, wine and spirits were star performers, whilst clothing continued to feel the pressure of weak demand.
2. Physical retailers must go extra mile as coronavirus lockdown eases
UK consumers remain deeply cautious about returning to the shops, according to research from EY.
The likes of Primark will open their physical locations in England on 15th June, in line with the government’s guidelines for non-essential retailers, and retailers are already springing back to life in Northern Ireland.
But EY’s survey of 1,017 Brits found that 80% would be uncomfortable trying on clothes in a store. Even though visiting a supermarket has remained a necessity for many people during the coronavirus lockdown, only a quarter currently feel comfortable going.
3. Starbucks overhauls US stores for post coronavirus world
Starbucks is speeding up plans to upgrade its US store portfolio as it looks to bounce back from the coronavirus outbreak.
Over the next 18 months, it will increase its focus on drive-thru and curbside pickup options, as well as mobile order only Starbucks Pickup locations in dense markets, including New York City, Chicago, Seattle and San Francisco.
4. Retailers rush to deploy self checkout solutions
Retailers across every world region increased their investment in self-checkout technology in 2019, with more than 120,000 units shipped globally, according to RBR.
5. It’s the end of the retail world as we know it
Retail isn’t dying. Rather, a culling of the herd is underway, says Brittain Ladd, a former Amazon exec and supply chain consultant.
Ladd was speaking as it emerged that US retailers could announce between 20,000 and 25,000 closures this year, according to Coresight Research, with 55% to 60% of those situated in America’s malls. That would mark a record, which was previously the more than 9,300 locations in 2019.
